Blockchain payments company BitPay has announced merchants can now receive settlements in Bitcoin Cash (BCH) for sales through their account, in a move that could add further weight behind Bitcoin BCH as the cryptocurrency of choice for merchants.
BitPay provides an interface for merchants to sell through cryptocurrencies like Bitcoin, and to receive settlement in their local currency, as well as a host of cryptocurrencies, without the risks of currency volatility.
With the inclusion of Bitcoin BCH for settlements, merchants will now be able to receive as well as cash out in Bitcoin through their BitPay accounts.
According to a post published on the BitPay blog, Bitcoin for settlements closes the ‘payments’ loop for merchants and customers who prefer to transact in bitcoin.
“Most businesses still do business in national currencies. But more are starting to hold and use digital currency, too, from making bill payments to managing their treasuries. That’s part of the reason why we have always offered BitPay merchants the option to receive settlement in the form of Bitcoin. Now we’re excited to announce the second digital currency settlement option for BitPay merchants: Bitcoin [BCH],” the blog read. “Since our springtime launch of Bitcoin Cash payment processing, BitPay merchants have been able to accept Bitcoin Cash payments from customers alongside Bitcoin payments. Now they can get their settlement payments in Bitcoin Cash, too. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”
BitPay was launched back in 2011, but only launched support for BCH as recently as this spring. The firm described its role as providing for both merchants and customers within the Bitcoin ecosystem.
“Since we started BitPay in 2011, we have worked hard to give merchants powerful tools for accepting blockchain payments from their customers. But part of our work is also providing our merchants with reliable bank settlements. BitPay merchants can get paid in their own local currency (USD, EUR, etc.) for all payments they accept, without the risk of digital currency price volatility,” according to the BitPay team.
The development comes just days after a similar announcement about rivals Square, noting they had secured a patent for merchant payments in cryptocurrencies like Bitcoin, which is expected to open up more point of sale opportunities to buy and sell in BCH.
With BitPay now on board with BCH, this can only further help guide Bitcoin to mass adoption for payments.
To find out how easy it can be to accept Bitcoin BCH payments with BitPay, read here.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post BitPay now allows merchants to get paid in Bitcoin BCH appeared first on Coingeek.